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What Got Us Here?

As we watch the government and Wall Street scramble to repair the economic mess we're in, it's more important than ever to understand exactly what got us in this situation in the first place.

Even if you're on the investing sidelines right now, looking at how we got here can help you avoid repeating past mistakes, learn how to spot future red flags and repair and grow your portfolio.

So, what got us here?

And how do we steer clear of such drastic losses in the future?

There are a few pieces of advice that Wall Street kept pitching to investors as gospel truth that I refer to as "Wall Street's biggest whoppers."

Here's a look at Wall Street's five biggest lies…